Karamtara Engineering IPO

About the company

Karamtara Engineering is engaged in the manufacture of products which are used in the renewable energy and transmission line sectors. The company was the largest integrated manufacturer in India of solar mounting structures and tracker components in FY26, as per F&S report. The company entered the wind energy business in 2025, and began production of angular towers for wind turbines in March 2025 and tubular towers for wind turbines in June 2025. The company is also looking to enter the battery energy storage systems (BESS) business through its wholly-owned subsidiary, Karamtara Green Energy Limited (KGEL), which was incorporated in May 2025. The company had 13 manufacturing facilities including eight in Maharashtra, four in Gujarat and one in Italy as of March 31, 2026. Karamtara Engineering also has two in-house rolling mill furnaces to manufacture different grades of structural steel needed for its solar energy and transmission line products. The company had an aggregate installed capacity of 889,200 MTPA as on 31 March 2026 including 492,000 MTPA of solar products, which is equivalent to about 16.81 GW, along with capacity of 480,000 pieces excluding galvanizing capacity. The company has a galvanizing capacity of 276,800 MTPA which is the largest installed galvanizing capacity in the solar energy sector in India. Karamtara Engineering largest business segment is solar products, which accounted for 78.9% of revenue from operations in FY26. The portfolio includes fixed-tilt structures or Solar MMS, along with solar tracker components such as solar tracker piles and piers and solar torque tubes. The company also manufactures products for the transmission and wind energy sectors. Lattice towers for transmission lines contributed 6.3% of revenue in FY26, while angular towers for wind turbines contributed 2.05%, tubular towers for wind turbines contributed 1.08%, fasteners contributed 5.4%, and other products contributed 6.11%. Domestic business is a key growth driver for Karamtara Engineering. The domestic revenue from operations grew at a CAGR of 57.8% to ₹2,564.4 crore in FY26 from ₹1,029.3 crore in FY24. Thus, the domestic component of total revenue rose from 42.4% to 59.4% in the period. Export revenue, however, grew at a comparatively slower CAGR of 11.8% from ₹1,395.83 crore in FY24 to ₹1,747.49 crore in FY26. Consequently, its share in total revenue decreased from 57.5% to 40.5% with the domestic business expanding at a faster rate. As of March 31, 2026, the company had a presence in more than 50 countries, including North America, Europe, Asia, Africa, Australia and Latin America. As per F&S Report, Karamtara is presently serving 16 of the top 24 EPC companies in the US with a combined installed capacity of approximately 233 GW. The company sold solar products to 65 customers in FY26 versus 73 customers in FY25 and 48 customers in FY24. FY26 saw the average revenue per solar customer rise to ₹52.40 crore from ₹41.31 crore in FY24, despite a lower customer count compared with FY25. The company's customers are mainly original equipment manufacturers (OEMs), Engineering, Procurement and Construction (EPC) firms and Independent Power Producers (IPPs). The top 10 customers accounted for 48.63% of revenue from operations in FY26, compared with 40.40% in FY25. The world’s renewable energy capacity installed increased from 2,811 gigawatts (GW) in 2020 to 5,149 GW in 2025 and is projected to reach 9,125 GW by 2030. Solar PV remains the key growth driver, with global installed solar capacity rising from 726 GW in 2020 to 2,392 GW in 2025 and projected to reach 5,328 GW by 2030. India is also moving toward a higher share of renewable energy in the energy mix. Total power generation capacity is likely to reach 868 GW by FY31, and India’s renewable energy target is 500 GW by 2030, including 282 GW of solar power. As of April 1, 2026, India had 157 GW of installed solar capacity, which is around 21% of India’s solar potential. The company is India’s largest integrated manufacturer of solar mounting structures and tracker components and a key beneficiary of this solar boom. The huge gap between the current capacity and targets means India will have to pump in a lot of investment in renewable energy infrastructure in the next few years. This domestic expansion will greatly benefit Karamtara, a major Indian manufacturer of solar mounting structures and transmission towers. The company is already enjoying a CAGR of 57.84% p.a. in its domestic revenue between FY24 and FY26, which is expected to accelerate with the government’s push toward renewable energy. Now, Karamtara Engineering is launching its initial public offering (IPO), which consists of a Fresh issue of ₹675 crore and an offer for sale of ₹200 crore. The total issue size of the IPO is ₹875 crore. Its shares will be listed on the NSE and BSE. ### **How to apply for Karamtara Engineering IPO?** If you are interested in this investment opportunity but unsure how to apply for an Karamtara Engineering IPO, follow these steps. When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for the Karamtara Engineering IPO on Upstox: - Log in to your Upstox account, using your six-digit PIN - After logging in, click on ‘Discover’ - On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section - Under the Invest in IPO section, look for the ‘Karamtara Engineering IPO’ tab and click on it - Now fill in all the required information, like ‘bid price’ and ‘lot size’ - Confirm and click on ‘Apply’ - Accept the mandate on your UPI app

GMP trend (Grey Market Premium by date)

Financial performance (₹ Cr)

Subscription breakup (final, times)

IPO Roadmap / Timeline

1. IPO Opens

   Completed
   09 Sept 2026

   Bidding starts for all investor categories

2. IPO Closes

   Completed
   11 Sept 2026

   Last day to place your bid

3. Basis of Allotment

   Completed
   15 Sept 2026

   Share allotment finalised

4. Refund Initiation

   Completed
   16 Sept 2026

   Refunds credited for non-allottees

5. Credit to Demat

   Completed
   16 Sept 2026

   Allotted shares credited to demat account

6. Listing on Exchange

   Completed
   17 Sept 2026

   Shares list on NSE / BSE

Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.